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The New York Stock Exchange has established a reference price for the company ahead of trading at $132.
Means no shares will be added to the float and there will be no lockup period.Spotify Shares Open For Trading At $165.90 via @LiveSquawk $33 above the reference rate @harley_super $SPOT
Spotify Debut – $SPOT Day One
AT CLOSE 4:01 PM EDT 04/03/18 $149.01 USD 17.01 12.89%
Volume 29,849,071 65
Day 1 Range 148.26 – 169.00Streaming music leader Spotify to report its first quarterly results after going public April 3 as a publicly traded company after the market close on Wednesday.
Expectations are for Spotify to post a loss of 34 cents a share on revenue of $1.4 billion.
Metrics to watch are subscriber growth related
Spotify previously reported having 157 million monthly active users and 71 million paying subscribers for its premium service.Spotify Technology $SPOT started at Raymond James
Started at Strong Buy with $190 price target (Closed $158.76) at Raymond James. Note the Spotify post-IPO trading range is $135.51 to $171.23.
Spotify Technology S.A. NASDAQ $SPOT [b]Started with Buy rating and $200 price target at Pivotal Research.
[/b]The 52-week trading range is $135.51 to $171.54. $SPOT closed Friday at $156.60.
Guggenheim upgraded Spotify (SPOT) to Neutral from Sell after revising their valuation framework.
Internet companies appear to be undervalued, according to a Guggenheim analyst, who on Monday upgraded Snap (SNAP) – Get Report to buy from neutral and Spotify Technology (SPOT) – Get Report to neutral from sell.
Snap, parent company of Snapchat, was climbing 3.9% to $25.62 at last check, while audio streaming services company Spotify was advancing 1.1% to $238.53.
Guggenheim analyst Michael Morris raised his price target for the stock of both companies, increasing Snap to $28 from $22, while boosting Spotify to $250 from $232.
Morris said in a note to investors that he had revised his valuation framework for digital media companies to better reflect what he believes to be greater similarities between internet and software companies, according to The Fly.
This includes core investment in R&D and engineering resources and the creation of high-utility technology platforms.
Morris said he believes that at the core, internet companies are software development and distribution companies that largely focus on consumer rather than enterprise applications and he expects investors will continue to evolve their view to reflect this, which will drive incremental appreciation for internet stocks.
The analyst said that “investors in general underestimate the long-term advertising market growth potential,” as well as “the sustained revenue and profit growth potential” of internet stocks.”
In addition to Spotify and Snap, Morris also raised his price targets on such internet marquee names Facebook (FB) – Google parent Alphabet (GOOGL) – Get Report, Roku (ROKU) – Get Report, Netflix (NFLX) – Get Report and Twitter (TWTR)
Guggenheim also started coverage of Pinterest (PINS) with a buy rating and a share price target of $48.
KeyBanc upgraded Spotify Technology (SPOT) to Overweight from Sector Weight with a $340 price target.
The firm notes industry dynamics for Spotify appear increasingly favorable, which is underscored by recent app strength. The firm sees improved monetization and unit economics and says Spotify’s enterprise value to subscriber discount to Sirius XM (SIRI) appears too wide in the face of monetization and gross margin progress.
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